Aditya Birla Sun Life Insurance

Key Insights

Claim settlement ratio (2019-20)

98.08%

Inception

2000

Presence

340+ offices

Total death benefit paid

Rs. 342.89 Crores

Solvency ratio

1.80

About Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance Company Limited is a part of Aditya Birla Capital Limited. Incorporated in the year 2000 and commenced operations in the year 2001. Aditya Birla Sun Life Insurance is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organization in Canada.

Aditya Birla Sun Life Insurance is present in pan India through 340+ branches, 7 bancassurance partners, 6 distribution channels and over 79,500+ direct selling agents, other Corporate Agents and Brokers.

With Pazcare the employers can provide their employees with a group term life insurance policy from Aditya Birla Sun Life Insurance company. Get the best quotes for the Aditya Birla group term insurance policy and manage the policy using Pazcare’s tech-enabled dashboard. 

How to buy Aditya Birla group term life insurance from Pazcare?

These simple steps allow you to purchase Aditya Birla term life insurance policy online from Pazcare.

Step 1: Visit https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.

Step 2: After going through the page, tap on the get quote button. A basic pop-up form appears, where it asks for details like your name, phone number, work email address and the number of employees you wish to purchase Aditya Birla Sun Life group term life insurance.

Step 3: Once you submit this form, our insurance consultants will get back to you asking for the active employee data like the employee ID, the CTC, the designation, etc.

Step 4: Once the data is submitted, we will get back to you with the best quotes for the group term life insurance policy from Aditya Birla Sun Life Insurance company.

Step 5: You can accept the terms and conditions of the policy and pay the premium quoted for that particular financial year. The policy gets activated immediately after the purchase.

Step 6: Our team will help you with the whole process and also take you through the Pazcare dashboard where you can manage the Aditya Birla Sun group term life insurance policy.

For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596.

Aditya Birla group term life insurance plan

Aditya Birla group term insurance for employees is a fully customisable life insurance plan. The premiums paid are much lower than those of other retail term insurance plans. The plan comes with optional rider benefits like

  • Critical illness rider
  • Accidental death rider
  • Accidental death and dismemberment rider
  • Total and permanent disability rider

These are some of the rider options available for your Aditya Birla group term insurance policy. The riders can be claimed according to the terms and conditions of the policy.

Further, the sum assured to the employees can be decided based on the type of sum assured you wish to offer. For instance, the plan has two types - the flat sum assured and CTC-based sum assured up to 5 Crores. Hence, you can choose the sum assured you wish to offer.

Aditya Birla group term insurance renewal

The Aditya Birla group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.

Step 2: Once the form is submitted, our life insurance consultants will get in touch with you and request you to submit the following documents.

  • Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
  • Claim history of the last 3 years along with the reason for the death of the employees (if any)
  • Policy copy

Step 3: After submitting these details you can choose any additional riders to the policy at your convenience. These riders are critical illness riders, accidental death benefit riders, accidental death and dismemberment rider etc. Once you decide, we will get back to you with the best quotes for your Aditya Birla group term insurance policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your Aditya Birla group term life insurance policy. 

Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too. 

We make sure that your Aditya Birla term insurance experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.

Aditya Birla Sun Life Insurance claim settlement ratio

The claim settlement ratio is the percentage of the claims settled by the Aditya Birla Sun Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled. 

In the financial year 2021-22, the claim settlement ratio of Aditya Birla Sun Life Insurance is 98.08%.

Aditya Birla group term insurance premium

The Aditya Birla group term insurance premium depends on various factors like

Designation & CTC of the employee

The designation and the CTC of the employee determine the premium of the group term insurance. For instance, some organisations choose the term insurance plan based on the CTC of the employees. So, higher CTC means a higher sum assured, hence the premiums may increase. This depends on the terms and conditions of the policy.

Covid status

The Covid-19 pandemic has caused a lot of deaths in recent times. Hence, the covid status and the vaccination status of the employee impact the premium of the Aditya Birla group term life insurance plan.

Sum assured

The type of sum assured, for instance, is it a flat sum assured or a CTC-based sum assured determines the premium of the group term plan.

Risk category

The nature of the job and the risks involved for the employees also determine the group premium.

Claim history

In case of renewals, the claims history for the last 3 years and if any claims were made, the reason for the death of the employee also determines the premium of Aditya Birla group term life insurance policy.

Aditya Birla group term insurance benefits

Purchasing your group term life insurance policy for employees from Aditya Birla Sun Life Insurance company has the following benefits.

Tax benefits

As employers, when you pay the premium towards the Aditya Birla group term life insurance policy, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.

Choose your riders

Your Aditya Birla Sun group term life insurance policy comes with customizable riders like critical illness rider, income benefit rider, accidental death benefit, etc at a much lower price than the existing policy.

No medical screening needed

The group term life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the policy.

340+ branches

Aditya Birla Sun Life Insurance company has 340+ branches present in pan India. This means the offices are easily accessible near most geographical locations for paying the premiums offline or filing for claims offline.

High claim settlement ratio

The claim settlement ratio of Aditya Birla Sun Life Insurance company for the financial year 2021-22 is 98.08%. This means the chances of settling the claims for your group term life insurance policy are high.

Aditya Birla group term insurance claim

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise a death claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the deceased employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly with the nominee or the employer.

4

Contact us for assistance

Contact Pazcare for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise the rider claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the insured employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly to the insured employee.

4

Contact us for assistance

Contact us for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

Documents required to claim Aditya Birla group term insurance

Here are the documents that you require to claim the Aditya Birla group term insurance policy

  1. Duly filled claim form
  2. Original Death certificate of the insured employee or attested copy (death claim)
  3. Certificate of insurance
  4. Photo ID proof of the claimant
  5. Current address proof of the claimant
  6. Cancelled cheque of the claimant
  7. Letter/confirmation from the employer

Why buy a group term life insurance
policy online from Pazcare?

  • Choose the suitable policy with our consulting approach
  • Custom-made plan with health and mental wellness add-ons
  • The tech-enabled Pazcare dashboard to manage endorsements
  • Integrate the dashboard with your HRMS tool

Aditya Birla Sun Life Insurance customer care number

For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.

Aditya Birla Sun Life Insurance

1800 270 7000

Available 24X7

Aditya Birla Sun Life Insurance FAQs

What is Aditya Birla Sun Life Insurance contact number?

The Aditya Birla Sun Life Insurance contact number is 1800 270 7000. Alternatively, you can email them at care.lifeinsurance@adityabirlacapital.com 

What is Aditya Birla Sun Life Insurance head office address?

The Aditya Birla Sun Life Insurance head office address is

Aditya Birla Sun Life Insurance Company Limited

One Indiabulls Centre, Tower 1,

15th & 16th Floor, Jupiter Mill Compound,

841, Senapati Bapat Marg,

Elphinstone Road,

Mumbai - 400013

What is Aditya Birla Sun Life Insurance claim settlement ratio?

The claim settlement ratio of Aditya Birla Sun Life Insurance for the financial year 2021-2022 is 98.08%.

How is the premium calculated for Aditya Birla term insurance for employees?

The premium for Aditya Birla term insurance for employees or commonly known as Aditya Birla group term insurance is calculated based on various factors like

  1. Sum assured
  2. Designation and CTC of employees
  3. Covid and vaccination status
  4. Risk of the job
  5. Claim history of last 3 years.